Salary issue

JamieJ89

Hi guys, looking for some advice.

long story short, I started the process to get a MIP a month ago but the broker I used wasn’t very helpful or good, so I paused the process until I was back from holiday. I also have a default due to drop off my file in 2 weeks so waiting for this to occur too.

anyway. Our company was sold earlier today this year, and I along with other employees had shares in the company that was sold. There was an opportunity to “roll forward” my investment into the new company - which I did. I took no proceeds out.

fast forward 4 months, I have had my august salary and my take home pay is around 1k less than it should be. After speaking with our payroll team, it turns out that HMRC have assumed that a) I did take the funds from my shares and b) that this payment is a regular occurrence and not just a one off. This has had an impact on my tax code as will put me into top bracket. 

I am in the process of sorting my correct tax code for next month where I should get that 1k back. 

My query however is what impact or issue will this have on my mortgage DIP? Previous unhelpful broker wanted last 3 months payslips - so if I need to provide this again, they will see a substantial reduction in august pay. Do I need to wait for 3 months post correction?

hope my query makes a bit of sense. 

K_S

JamieJ89 said:

Hi guys, looking for some advice.

long story short, I started the process to get a MIP a month ago but the broker I used wasn’t very helpful or good, so I paused the process until I was back from holiday. I also have a default due to drop off my file in 2 weeks so waiting for this to occur too.

anyway. Our company was sold earlier today this year, and I along with other employees had shares in the company that was sold. There was an opportunity to “roll forward” my investment into the new company - which I did. I took no proceeds out.

fast forward 4 months, I have had my august salary and my take home pay is around 1k less than it should be. After speaking with our payroll team, it turns out that HMRC have assumed that a) I did take the funds from my shares and b) that this payment is a regular occurrence and not just a one off. This has had an impact on my tax code as will put me into top bracket. 

I am in the process of sorting my correct tax code for next month where I should get that 1k back. 

My query however is what impact or issue will this have on my mortgage DIP? Previous unhelpful broker wanted last 3 months payslips - so if I need to provide this again, they will see a substantial reduction in august pay. Do I need to wait for 3 months post correction?

hope my query makes a bit of sense. 

@jamiej89 If you can wait till you get one full payslip (September?) that shows the correct deductions, you should be fine.

At a pinch, if you absolutely needed to make a full application based on your August payslip, that may be possible as well with a common-sense lender given that you have a reasonable explanation. This is only a semi-educated guess based on the limited info in your post.